Altair Engineering (NASDAQ:ALTR) Announces Quarterly Earnings Results

Altair Engineering (NASDAQ:ALTR) announced its quarterly earnings data on Thursday. The software reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01, Briefing.com reports. Altair Engineering had a return on equity of 7.11% and a net margin of 4.26%. The business had revenue of $148.80 million during the quarter, compared to analyst estimates of $146.88 million. During the same period in the prior year, the company earned ($0.15) earnings per share. Altair Engineering’s revenue was up 5.4% compared to the same quarter last year. Altair Engineering updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Altair Engineering Price Performance

Shares of ALTR stock traded down $2.53 on Friday, reaching $82.79. The company’s stock had a trading volume of 807,715 shares, compared to its average volume of 452,264. The stock’s 50 day simple moving average is $93.34 and its 200-day simple moving average is $88.15. Altair Engineering has a 12-month low of $57.59 and a 12-month high of $101.39. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $6.87 billion, a P/E ratio of 919.89, a PEG ratio of 10.73 and a beta of 1.48.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ALTR. Needham & Company LLC reissued a “buy” rating and set a $100.00 price objective on shares of Altair Engineering in a report on Friday. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $88.00 price target on shares of Altair Engineering in a report on Monday, April 29th. The Goldman Sachs Group lowered Altair Engineering from a “neutral” rating to a “sell” rating and cut their price target for the stock from $85.00 to $71.00 in a report on Friday. Finally, JPMorgan Chase & Co. lowered Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target for the company. in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $90.67.

Insider Buying and Selling at Altair Engineering

In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $82.89, for a total transaction of $51,391.80. Following the sale, the director now owns 18,895 shares in the company, valued at $1,566,206.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Teresa A. Harris sold 620 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $82.89, for a total transaction of $51,391.80. Following the transaction, the director now directly owns 18,895 shares of the company’s stock, valued at $1,566,206.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder George J. Christ sold 87,217 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $85.12, for a total value of $7,423,911.04. Following the transaction, the insider now directly owns 100,000 shares in the company, valued at $8,512,000. The disclosure for this sale can be found here. Insiders have sold 486,754 shares of company stock worth $45,114,245 over the last 90 days. Corporate insiders own 21.75% of the company’s stock.

About Altair Engineering

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation and design, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. It operates in two segments, Software and Client Engineering Services.